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Journalism of Courage
Zerodha’s co-founder and CEO, Nithin Kamath, in social media posts, shared an introspective look at the journey of his brokerage over the past 15 years. He was responding to a Reddit question about what sets Zerodha apart, how it remains profitable, and why the company is yet to go public. Kamath emphasised that the success of Zerodha was far from instant, and built on nearly 25 years of experience in financial markets.
“So you forget that we have spent 15 years getting here. And maybe another 10 years, before Zerodha, I was involved in the markets in some form. So, 25 years in all. Things in business compound over time, especially if you love what you are doing and are lucky to be in the right place and time,” he wrote.
He shared how Zerodha began as a small partnership firm, primarily to save on exchange deposit requirements, with total startup costs around Rs 10 lakh covering a basic website, office interiors, and other essentials. “We came from an extremely middle-class background and had no rich uncles. Dad was a bank manager and Mom taught Veena,” Kamath recalled.
According to him, Zerodha’s rise mirrored the growth of India’s markets, but the company’s deliberate choice to avoid outside investors has been equally crucial. “We were present at the right place and time with the right products and initiatives. Any gyan any founder gives, eventually comes down to getting timing right, and this has got everything to do with luck,” he noted.
Kamath highlighted that without investor pressure, Zerodha was able to, and continues to, prioritise what’s best for customers, even if it comes at a short-term cost to the business. He cited the company’s no-spam, no-tracking policy as an example, adding, “I believe that the philosophy with which we run Zerodha will be our real moat as a business. It is very tough to stick to it as a public company.”
Drawing a parallel with Nvidia’s Jensen Huang, Kamath pointed out the role of perseverance and timing in achieving business success. “I was just reading about Jensen Huang from Nvidia, he survived in the business for 30 years until he hit the right place and time. For a long time, people might have questioned what he was doing until very recently,” he said.
Kamath’s candid reflections struck a chord online, with many praising Zerodha’s values and long-term approach.
A user wrote, “The honesty about starting with just Rs 10 lakhs and leveraging free platforms shows incredible resourcefulness. But more importantly, your acknowledgment that timing and luck played crucial roles demonstrates the humility that separates authentic founders from those caught up in their own mythology. Most successful entrepreneurs downplay luck, but recognizing it shows true wisdom.”
Another user wrote, “Not having to answer to an investor is a super power Nithin !!! Hope you always have that privilege.” A third person commented, “Rare honesty here. Success isn’t just about funding rounds or exits—it’s about compounding effort, timing, and sticking to a philosophy even when it costs you. Zerodha proves that in business, patience + principles can be a bigger moat than capital.”
